Finance
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‘Failures happen during construction’: Office-to-residential conversions are all over NYC, but failures usually get fixed before they get worse
The building at the center of this week’s Midtown scare is the former Pfizer world headquarters at 235 East 42nd Street: a 33-story tower built in 1960 that, alongside its neighbor at 219 East 42nd, is being converted by Metro Loft and David Werner Real Estate Investments into roughly 1,600 apartments, the largest office-to-residential conversion…
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Kevin Warsh buried an unusual, unhedged promise in his first Fed minutes—and one economist says it’s the strongest signal in the document
Buried in the Federal Reserve’s June policy statement—the shortest of Kevin Warsh’s young tenure as chair—is a single sentence with no qualifiers, no hedges, and, according to at least one longtime Fed watcher, more signal than anything in the minutes released Wednesday: “The Committee will deliver price stability.” “There’s not a qualifying statement after that,”…
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Labor force participation falls to 61.5%, the lowest in 50 years outside COVID, and economists say it’s not just people giving up
Economists have spent the past week arguing about why 720,000 people walked away from the labor force in a single month. Laura Ullrich, director of economics at Indeed Hiring Lab and a former Richmond Fed economist, says that rather than treating June’s slide to a 61.5% labor force participation rate—the lowest reading outside the pandemic…
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Bezos’ Blue Origin is raising outside capital for the first time to compete for NASA contracts as rival SpaceX’s stock falters
Blue Origin, Jeff Bezos’s rocket company that fiercely competes with SpaceX over NASA contracts, is now seeking money outside of the Amazon billionaire’s pocketbook for the first time—$10 billion at a $130 billion valuation, according to DealBook. DealBook reports that Bezos himself will contribute $2 billion and global asset manager Coatue Management will contribute $4…
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Cathie Wood just bought the SpaceX dip again—and dumped Alibaba to do it
Investor Cathie Wood is betting millions SpaceX’s stock, like its rockets, is headed for the moon. The CEO and chief investment officer of ARK Invest recently put about $7 million into Elon Musk’s rocket company, buying the dip less than a month after its historic IPO—one that briefly made Musk the world’s first trillionaire. Now,…
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IMF expects modest 3% growth as the Iran war is dragging down the economy while AI is boosting it
The International Monetary Fund on Wednesday modestly downgraded its outlook for the world economy this year, citing the energy shock caused by the Iran war. But the fallout from the conflict is being partially offset by booming investment in artificial intelligence and other technologies. The IMF now expects the global economy to expand by a…
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Thousands wrote to the SEC about quarterly reporting. A detailed letter came from Exxon’s CFO
Good morning. Earnings season is about to kick off, just as the U.S. Securities and Exchange Commission weighs whether companies should keep reporting quarterly or have the option to shift to semiannual disclosures. In May, the SEC announced a proposed rule and form amendments that would allow semiannual reports to satisfy interim reporting obligations under…
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Famed investor Jeremy Grantham says history will end up laughing at SpaceX, the ‘craziest IPO in the history of man’ that just joined the Nasdaq 100
With Elon Musk’s SpaceX now embedded in the Nasdaq 100, the prospects of the rocket company have–directly or indirectly–now slipped into the stock portfolios of millions of people around the globe. But joining the Nasdaq index has done little to convince critics, who are dubious about the lofty aims of the company. In the prospectus…
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Current price of oil as of July 8, 2026
At 8:30 a.m. Eastern Time today, the price of oil sits at $78.17 per barrel, using Brent as the benchmark (we’ll explain what that means shortly). That’s an increase of $4.88 since yesterday morning and roughly $7.30 more than at this time last year. oil price per barrel % Change Price of oil yesterday $73.29…
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Close to a million investors of the Trump memecoin lost a collective $3.8 billion, even as the president disclosed $636 million in earnings
President Donald Trump has raked in hundreds of millions of dollars from his signature cryptocurrency while his supporters have largely been left holding the bag, according to a report. Of the 1.48 million wallets that bought the $TRUMP memecoin since it launched just three days before Trump’s second inauguration last year, about 66%, or 988,905…